To improve older adults’ mental health, this study compared the effects of AI chatbots, such as ChatGPT 3.0, with traditional mindfulness therapies on loneliness and depression in older adults. Despite interest in AI as a complementary tool, empirical evidence on its impact remains limited. For an eight-week intervention, older adult participants from two nursing homes in Hangzhou were assigned to groups focused on mindfulness (group sessions) and chatting (one-on-one ChatGPT). Following the intervention, participants engaged in a researcher-led focus group discussion. After 8 weeks, tension had decreased significantly (p < 0.05) in the Mindfulness group of older adults, and there was no significant difference between the effects of ChatGPT and mindfulness on the emotional intervention of older adults. Findings indicated three themes, including (1) personal experience, reflecting older adults’ use of AI technology and mindfulness; (2) attitudes and perspectives on the experiment’s desirability and insufficiencies; and (3) needs and expectations for future AI and mindfulness developments, including usability and functional preferences. Similar to mindfulness practice, ChatGPT interactions helped older adults feel less depressed and might eventually reduce costs by replacing mindfulness. In the future, AI can be integrated with conventional techniques to improve interaction by giving AI a more human-like appearance.